Are you planning on starting up within Business?

Submitted by: carolyn

Going through with starting a new business is both exciting and rewarding as well as being full of challenges. It requires your full commitment, drive and perseverance. All of these qualities will go a long way to transforming your business idea into a reality, which is especially important during the early days of your business.

There are certain qualities that are commonly found in successful business people such as self confidence; you must have belief in yourself and passion about what your business is about as well as what it offers. You also need enthusiasm, which will win people over with your ideas.

Self determination is another quality that is essential with business. You need to have a belief that the outcome of events are down to your own actions. The success of your business will partly depend on your skills and attitude. This involves being honest about a range of issues, including your knowledge, your financial status and the personal qualities that you can bring to your new business.

Two other examples of personal qualities that are essential to new business owners are commitment, which includes the willingness to make personal sacrifices through long hours, which leads to a loss of leisure time. As well as commitment you also need perseverance, which in business is the ability to continue despite suffering setbacks, financial insecurity and exposure to risk.

When you are setting up a new business there are several aspects that need to be taken into account such as the sales and marketing of your business. This is crucial to the success of your business. You need a marketing strategy, which will help you identify potential customers and target them.

It is essential that you have the right reasons for wanting to start and run your own business as there are no secret tricks to making a business successful; it comes down to pure hard work. Most businesses also emerge from a hobby, which is fine as long as it can make you money.

Once you have got your business idea together and you have decided on your business name you need to identify your target market. You need to ensure that you fully understand who your customers are and why they would consider spending their hard earned cash with you. You need to understand what unique qualities you and your business provide are better than those of your competition. This is commonly referred in general business terms as your USP or Unique Selling Point.

One aspect of business that many people often overlook is any aspects of law that may affect their business. There are actually four definite acts of law that will affect any business hoping to make a trade; these acts of law are as follows:

• Consumer Protection Act 1987
• Trade Description Acts 1968 and 1972
• Sale of Goods Act 1979
• Health and Safety at Work Act 1974

Some points that these various acts make are that the products and goods that your business sells must be fit for their purpose and if they are faulty customers are entitled to a full refund or a full repair of the product. The goods or products that you sell must also live up to any claims that you make about them as it is a criminal offence to make a false claim. As well as this the goods or products must meet certain safety standards because if a product is faulty and causes injury then a claim can be made against you.

As long as you thoroughly research and plan the start up of your business I’m sure you will do fine and if at any point you do get stuck there is help available; on the Internet there are countless sites offering you help and advice so remember you are never alone in this.